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Interim Results

7digital losses narrow

26 September 2017 09:25

7digital Group's losses before interest, tax, depreciation and amortisation fell by 38% to £1.7m in the six months to the end of June.

Total revenues rose by 17% on a pre -currency movement basis and 9% on adjusted basis to £5.9m (H1 2016: £5.4m) and licensing revenues were up 33% at £4.0m.

Chief executive Simon Cole said: 'These results show clearly, after just one month, how transformational the acquisition of 24-7 and, with it, the relationship with MediaMarktSaturn will be for the Group.

'Our work to create a suite of new digital services for Europe's biggest entertainment and electronics retailer has begun and will gain momentum in the second half and into 2018.

'Our licensing revenues continue to see the results of the global growth in music streaming and, more particularly, the development of services in new markets and with new business models.

'In-flight entertainment, with our first client Global Eagle and today's news of our new contract with Fender are just two examples.

'We have always believed that the mature music streaming market will be about much more than "all you can eat" services for a fixed subscription.

'7digital's business is in providing the tools and the platform on which our customers build the myriad of ways in which people will consume digital music in the future.

'Our healthy first half performance has continued into the second half of the year, our pipeline is strong and the Board is confident in meeting full year expectations for 2017 and seeing the full benefits of consolidation realised in 2018 and beyond.'

Separately, 7digital said it was pleased to note the launch on 21 Sep of ROXI, the new music entertainment device from client Electric Jukebox.

7digital said this marked the first time that Electric Jukebox products have been available to purchase, and listen to music through, in the US.

At 9:25am: (LON:7DIG) 7digital Group Plc share price was -0.5p at 6.38p

Story provided by StockMarketWire.com

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